Comptroller: Red Hook is among villages "susceptible to fiscal stress"

RED HOOK - The Village of Red Hook has made the list of villages in New York that are "susceptible to fiscal stress," according to a report from State Comptroller Thomas P. DiNapoli.

DiNapoli's Fiscal Stress Monitoring System has identified 15 villages in New York in some level of fiscal stress. DiNapoli's office evaluated 535 villages with fiscal years ending on May 31, 2013.

"Although the number of villages designated as fiscally stressed is small, village officials across the state must be on alert," said DiNapoli. "Moving forward, the drivers of fiscal stress will continue to hamper villages in many of the same ways it does our larger municipalities. I continue to emphasize to local officials that the best way their community can avoid falling into fiscal stress is through sensible budgeting and careful long-term planning."

Using financial indicators that include year-end fund balance, cash position and patterns of operating deficits, the Comptroller's system creates an overall fiscal stress score which classifies whether a municipality is in "significant fiscal stress," in "moderate fiscal stress," "susceptible to fiscal stress," or "no designation."

Red Hook scored a 49.2 percent, just above the 45 percent threshold for the susceptible to fiscal stress" rating, the lowest of the three.

DiNapoli's monitoring system previously identified a total of 142 municipalities in some level of fiscal stress. This list included 16 counties, 18 towns, five cities and 87 school districts. The system had also identified one village in fiscal stress that has a Dec. 31 fiscal year end date.

There are a total of 551 villages in the state. Ten have a Dec. 31 fiscal year end date and are therefore not included on this list. Another six have a July 31 fiscal year end date and will have their scores released later this year.

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Comptroller: Red Hook is among villages "susceptible to fiscal stress"

RED HOOK - The Village of Red Hook has made the list of villages in New York that are ?susceptible to fiscal stress,? according to a report from State Comptroller Thomas P. DiNapoli.

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